Japan's current account surplus drops

Tokyo, June 8 (IANS) Japanese government said Friday that the nation's current account surplus declined 21.2 percent in April from a year earlier to 333.8 billion yen (about $4.2 billion).

The surplus figure in the current account, the broadest measure of trade for a nation, was smaller than the market forecasts due to sluggish exports and growing imports, reported Xinhua.

The goods trade balance logged a deficit of 463.9 billion yen as imports surged 11.2 percent to stand at 5,885.5 billion yen, which outperformed exports' growth of 11.1 percent.

Japan's exports to Europe slowed amid the debt crisis in the euro zone. Its exports to Asian neighbours, including China, were also slowing.

In the meantime, Japan's imports have been expanding as the nation continued to import oil and gas to make up for a power shortage after the suspension of its nuclear power plants across the country.